The report, which has been conducted quarterly since Q1 2000, revealed a net balance of +11.8% of companies registering an increase in budgets in Q1 2015, up from +6.1% in Q4 2014. (The net balance is calculated by subtracting the percentage reporting a downward revision from the percentage reporting an upward revision.)

In terms of actual spend, Bellwether data for the 2015/16 budget period showed that a net balance of +28.0% of panelists are forecasting an increase in their marketing budgets relative to 2014/15. Events and main media advertising are predicted to be the largest beneficiaries, suggesting that companies will continue to maintain spending on both high-level campaigns (such as TV, cinema and press), and look to further increase their footprint in online marketing solutions.

However the survey for this quarter showed that marketing executives experienced a fractional downward revision to their market research budgets; the net balance fell to -1.3% in Q1 2015, down from the previous survey’s +0.6%.

The highest upwards revisions to marketing budgets in Q1 2015 were made to internet, recording a net balance of +8.4%.

Paul Smith, senior economist at Markit and author of the Bellwether Report said: “Following the dip in the headline net balance during Q4 2014, the latest Bellwether indicated a welcome re-acceleration of growth in marketing spend over the first three months of the year. While many commentators await to see what form Britain’s post-election economic landscape takes, marketing executives seem to be shrugging off any uncertainty. Indeed, latest data shows companies planning to bolster their marketing budgets for the forthcoming accounting period to the greatest degree in eight years.”

Stuart Newman, head of marketing and new business at Carat said of the report: “It reflects the ongoing buoyancy and consumer confidence within the UK. Zero inflation in March and ongoing low interest rates are all good news stories for boosting consumer spending.”